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QuickyLube specalizes in the routine maintenance of automobiles, including changing a car's oil and other vital fluids as well as checking tire pressure and lights, replacing wiper blades, and the functioning of all filters. Management of QuickLube budgets to service 275 automobiles a week and has adopted the following labor standard for their technicians: 1/2 hr per car serviced at a wage rate of $12.50 per hr.
During the past week, QuickyLube actually serviced 210 automobiles. In addition, QuickyLube paid the technicians $1,470 for 140 hours worked.
a. What were QuickyLube's labor price and quantity variances for the most recent week?
b. What factor(S) could explain QuickyLube's labor variances?
Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000.
Describe the conference method for estimating a cost function. what are two advantages of this method?
What is goal incongruence? How can using the metric "return on investment" for performance evaluation lead to goal incongruence?
Alan, Baker and Crowe formed Dexter Corporation during 2011. Pursuant to the incorporation agreement, Alan transferred property with an adjusted basis of $30,000 and a fair market value of $45,000 for 450 shares of stock.
A financial forecast per professional pronouncements presents to the best of the responsible party's knowledge and belief,
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory, and $2,000 in beginning inventory. The company's cost of goods sold is?
In your own words, explain what the advantage is of analyzing a company's financial statements over a series of years rather than just for the current period?
The One Stop Print Shop has used the same overhead rate on all jobs. Job 216 was the only job in process at the beginning of the month. At that time it had incurred direct labor costs of $150 and total cost of $570.
The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..
Upper Darby Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $200,000.
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